Page 10: of Maritime Reporter Magazine (August 1999)

Stork group's 40-percent holding in

Wartsila NSD Nederland, giving it 100- percent control of the Dutch company and one of Europe's most extensively modernized medium-speed diesel man- ufacturing facilities.

The Finnish organization had original- ly obtained a 60-percent interest in

Stork-Werkspoor Diesel in 1989, renaming it Stork-Wartsila Diesel. The subsequent styling of the company as

Wartsila NSD Nederland was a mark of the strengthened Wartsila brand identity and the absorption of New Sulzer

Diesel. Given a solid foundation to the long-term manufacturing program at the

Zwolle plant in the Netherlands, a new

Wartsila 38B design has been developed as the group's future standard-bearer in the 380-mm bore category. The B- engine offers a substantial advance in power rating, to 725-kW per cylinder from the 660-kW/cyl of the original

Wartsila 38 type, but with enhanced environmental and production features.

Far-reaching restructure implemented in the wake of last year's heavy losses had a positive impact on Wartsila NSD

Corporation's results for the opening four months of 1999. The operating loss was trimmed to $210,000, from the $37 million deficit of the corresponding period of 1998.

Maritime shares make a comeback

Share prices in Oslo continued to rise during June and in the first six months of 1999, the Shipping Index rocketed 30.6 percent. The All Share Index is not far behind with an increase of 23.7 per- cent during the same period. Trading at the Oslo Stock Exchange has never been more active than in 1999 so far with the daily average turnover for the first half of the year at $208,600,000. This is 27.1 percent higher than the average for the whole of 1998. On average 4,775 trans- actions were carried out each day during

June.This is 42 percent higher than the average for last year.The Italian compa- ny Navigazione Montanari has offered $8 per share in I.M. Skaugen (SKA), sending the stock up almost 40 percent and to the top of the winner list for June.

The Hong Kong based company Jinhui

Shipping and Transport (JIN) enjoyed a good month as its share price soared 36.6 percent. This has been attributed to increased levels of activity in the Asian region. Northern Offshore (NOF) rose all of 45.5 percent in June, making it the best performer among offshore shares.

Also Br0vig Offshore (BRO) and Polar

Holding (POL) rose in double digits.

Det S0ndenfjeldske (SFJ) and Smedvig (SME & SMEB) remain among the five stocks with the poorest share price development from last month. Navis (NIS) tops the list with a fall of 23.8 per- cent, following the company's announcement on the long term financ- ing of Navis Explorer I. Ocean Rig (OCR) dropped 18.3 percent as it become known that the completion of its first two rigs has been delayed until next year.

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Circle 268 on Reader Service Card

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Winners of the month

Shipping List Change

I.M. Skaugen Main + 39.5%

Jinhui Shipping and Tr. Main + 36.6%

Solvang Main + 22.7%

Stolt-Nielsen B Main + 21.7%

Western Bulk Shipping Main + 20.0%

Offshore List Change

Northern Offshore SMB + 45.5%

Br0vig Offshore SMB + 30.0%

Polar Holding SMB + 12.5%

Havila SMB + 9.3%

Petrolia Drilling SMB + 8.0%

Losers of the month

Shipping List Change

Team Shipping SMB - 20.0%

Bona Shipholding Main - 9.3%

Mosvold Shipping Main - 8.6%

Leif H0egh & Co Main - 8.3%

First Olsen Tankers Main - 6.0%

Offshore List Change

Navis SMB - 23.8%

Det Sondenfjeldske Main - 18.5%

Ocean Rig SMB - 18.3%

Smedvig A Main - 18.0%

Smedvig B Main -16.1% 10 Circle 213 on Reader Service Card Maritime Reporter/Engineering News